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For Entrepreneurs

FOR ENTREPRENEURS

Entrepreneurship is the practice of starting new organizations or revitalizing mature organizations, particularly new businesses
generally in response to identified opportunities. Entrepreneurship is
often a difficult undertaking, as a vast majority of new businesses
fail. Entrepreneurial activities are substantially different depending
on the type of organization that is being started. Entrepreneurship
ranges in scale from solo projects (even involving the entrepreneur
only part-time) to major undertakings creating many job opportunities.
Many "high-profile" entrepreneurial ventures seek venture capital or angel funding in order to raise capital to build the business. Angel investors generally seek returns of 20-30% and more extensive involvement in the business.[1] Many kinds of organizations now exist to support would-be entrepreneurs, including specialized government agencies, business incubators, science parks, and some NGOs.

Characteristics of entrepreneurship

The entrepreneur has an enthusiastic vision, the driving force of an enterprise.

The entrepreneur's vision is usually supported by an interlocked collection of specific ideas not available to the marketplace.

The overall blueprint to realize the vision is clear, however details may be incomplete, flexible, and evolving.

The entrepreneur promotes the vision with enthusiastic passion.

With persistence and determination, the entrepreneur develops strategies to change the vision into reality.

The entrepreneur takes the initial responsibility to cause a vision to become a success.

Risks;Entrepreneurs take prudent risks. They assess costs, market/customer needs and persuade others to join and help.

An entrepreneur is usually a positive thinker and a decision maker.

Advantages of Entrepreneurship

Every successful entrepreneur brings about benefits not only for
himself/ herself but for the municipality, region or country as a
whole. The benefits that can be derived from entrepreneurial activities
are as follows:

Enormous personal financial gain

Self-employment, offering more job satisfaction and flexibility of the work force

Employment for others, often in better jobs

Development of more industries, especially in rural areas or
regions disadvantaged by economic changes, for example due to
globalisation effects

Encouragement of the processing of local materials into finished goods for domestic consumption as well as for export

Income generation and increased economic growth

Healthy competition thus encourages higher quality products

More goods and services available

Development of new markets

Promotion of the use of modern technology in small-scale manufacturing to enhance higher productivity

Encouragement of more researches/ studies and development of modern machines and equipment for domestic consumption

Development of entrepreneurial qualities and attitudes among
potential entrepreneurs to bring about significancant changes in the
rural areas

Freedom from the dependency on the jobs offered by others

The ability to have great accomplishments

Reduction of the informal economy

Emigration of talent may be stopped by a better domestic entrepreneurship climate